The Capitol's in for stormy weather if Bakkt CEO Kelly Loefflin to the Senate over the President's wishes (via Max Pixel).
People,  Politics

Bakkt CEO Kelly Loeffler heading to Senate

Georgia Gov. Brian Kemp will appoint the Republican, who heads up the cryptocurrency futures exchange.

Kelly Loeffler, the CEO of the Bakkt cryptocurrency futures platform, is heading to the U.S. Senate, according to press reports.

Loeffler will be appointed by Georgia’s Republican Governor, Brian Kemp, to replace Sen. Johnny Isakson, who is retiring for health reasons. 

Bakkt CEO and possible Senator Kelly Loeffler

Loeffler is a former CMO of Intercontinental Exchange (ICE), which owns Bakkt as well as the New York Stock Exchange (NYSE). Her husband, Jeffrey Sprecher, is CEO of ICE.

Kemp’s planned appointment of Loeffler is under attack at home and in party circles. President Donald Trump’s wanted the seat go to Rep. Doug Collins (R-Geo.), a strong supporter. 

Kemp responded on Twitter Friday, saying “The idea that I would appoint someone to the U.S. Senate that is NOT pro-life, pro-2nd Amendment, pro-freedom, and 100% supportive of our President (and his plan to Keep America Great) is ridiculous.”

He added, “Frankly, I could care less what the political establishment thinks. Happy Thanksgiving! More information after the holiday!”

That said, the actual appointment had not been formally made by press time. 

The fight could set up a Republican free-for-all in next year’s election to fill the remaining two years of Isakson’s term, according to the Atlanta Journal-Constitution.

Regardless, it means that the cryptocurrency industry will have a strong and badly needed supporter in the Senate for most of 2020, at the very least.

For her part, Loeffler said in her Senate application to Kemp that “[i]f chosen, I will stand with President Trump, Senator David Perdue [R-Geo.], and you to Keep America Great,” the Atlanta Journal-Constitution reported. “Together, we will grow jobs, strengthen the border, shutdown drug cartels and human traffickers, lower healthcare costs, and protect our national interests—at home and abroad.”

Loeffler is currently a member of the board of Georgia Power Company, a public utility, and co-owner of the WNBA’s Atlanta Dream.

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Leo Jakobson, Modern Consensus editor-in-chief, is a New York-based journalist who has traveled the world writing about incentive travel. He has also covered consumer and employee engagement, small business, the East Coast side of the Internet boom and bust, and New York City crime, nightlife, and politics. Disclosure: Jakobson has put some 401k money into Grayscale Bitcoin Trust.